Page 18 - Gerald R Ford International Airport Authority 2022 Benefits Guide

Employee retirement plans

Whether retirement is way down the road or just around the corner, it’s important to have savings goals and specific
investment objectives. To help you meet your goals and objectives, we offer three Employee Retirement Programs.
For key details and features of the plans, please see below.

Defined Benefit Retirement Plan
The Defined Benefit Retirement Plan has been The retirement benefits received from the Plan will be in
established by the GFIAA Board for those employees addition to any benefits from Social Security.
transferring from Kent County to the new Authority
effective July 1, 2016. Employees hired after July 1, 2016 Participation in the Authority’s Employees’ Retirement Plan
are not eligible for this plan. The Plan is funded by a is mandatory for all transferring employees covered by a
combination of Authority and employee contributions collective bargaining agreement and Authority Leadership
and will be administered by Municipal Employees Group. Employee contribution rates are determined by
Retirement System (MERS). Plan participation is only employee group or collective bargaining agreement;
available to “Transferring Employees of Kent County Authority contributions are determined annually by the
Department of Aeronautics”. pension plan’s actuary.

Age and service requirements for retirement eligibility The bi-weekly pre-tax deduction begins immediately upon
are negotiated benefits and based on bargaining unit or hire, as well as years of service credit. You will be vested
employee group. Refer to your bargaining unit agreement in the Authority Employees’ Retirement Plan when you
or handbook to determine how the retirement plan have accumulated the years of credited service required
eligibility applies to you. by your employee group.

Employee contribution is 6.5%

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